L'Oréal Puts On Best Face

L'Or&eacute;al puts on best face; ciao, Alitalia.

INVESTORS EXPECT L'OR&Eacute;AL TO BE GOOD at window-dressing, but not when it extends to its own trading statements. Striving to prettify reported results only reinforces the idea that the cosmetics giant's obsession with achieving double-digit earnings growth -- a feat it has pulled off for two decades -- has its downside when conditions unexpectedly sour.